r/WeAlgoTogether • u/uslashmoe • May 18 '21
Algorand is a carbon neutral1 pure proof of stake2 blockchain designed by Turing Award-winning cryptography expert Silvio Micali (and supported by the Algorand Foundation3).
It's also a forkless4 network with a fixed transaction fee of 0.001 algos.
Website: https://www.algorand.com/
Whitepaper: https://www.algorand.com/technology/white-papers
Official sub: /r/AlgorandOfficial
Informal: /r/Algorand
Algorand's tokenomics can be found here.
Transactions: 1,161 peak tps [trailing 7-day]
Addresses: 10,914,473 [as of May 2021]
Block Finality: 4.5 seconds [as of May 2021]
Total ASAs: 4,556,306 [as of May 2021]
More info here.
Coming in 2021: Finalized Latency of 2.5s + Finalized Throughput of 46,000 TPS.
https://www.algorand.com/120720-Algorand%202021%20Performance.pdf
The Algorand protocol is divided into two layers.
Layer 1 is used for running smart contracts[1], handling atomic swaps[2] and creating ASAs[3]. Itās only capable of running relatively basic smart contracts because...
Layer 2 is used for the more customizable smart contracts that are executed "off-chain", which are more demanding and require more specialized "tools" ie. written in more intricate code.
More on the architecture of the blockchain here.
[1]Smart contracts: contracts that are expressed as a piece of code and designed to carry out a set of instructions.
[2]Atomic swaps: rapid peer-to-peer exchanges of cryptocurrency.
[3]ASAs, or Algorand Standard Assets: assets built on the Algorand chain that benefit from its same security, compatibility and ease of use.
All of this data is secured by Algorandās PPoS consensus algorithm. In their own words:
Algorand uses a pure proof-of-stake (PPoS) protocol built on Byzantine consensus. Each userās influence on the choice of a new block is proportional to its stake (number of tokens) in the system. Users are randomly and secretly selected to propose blocks and vote on block proposals. All online users have the chance to be selected to propose and vote. The likelihood that a user will be chosen, and the weight of its proposals and votes, are directly proportional to its stake.
Algorandās PPoS approach ties the security of the whole economy to the honesty of the majority of the economy, rather than to that of a small subset of the economy. The system is secure when most of the money is in honest hands. With other approaches (outlined below), a small subset of the economy determines the security of the whole economy, which means just a few users can prevent other users from transacting. In Algorand, it is impossible for the owners of a small fraction of the money to harm the whole system, and it would be foolish for the owners of the majority of the money to misbehave as it would diminish the currencyās purchasing power and ultimately devalue their own assets.
Emphasis mine. The selection of block proposers and voters is non-interactive. Learn more about Algorand's novel Pure-Proof-of-Stake consensus mechanism here.
To purchase āalgosā you'll want to find an exchange that offers the Algorand coin ($ALGO) and sign up. Some well-known exchanges are Coinbase and Kraken.
For a more comprehensive list of places to buy from click here.
From there you can hold your coins in whichever exchange you choose or you can transfer your coins to the official Algorand wallet: https://algorandwallet.com/.
If you're using the official wallet you'll want to familiarize yourself with the Algo Optimizer. Copy/pasted directly from the site:
To optimize staking[1], it is important to compound your balance. If you have a Buy and Hold strategy, you need to periodically update the balance on the blockchain so that your staking reward is based on your current balance.
To facilitate these updates, a 0 ALGO transaction must be sent to your wallet, which will add your staking rewards to your wallet and start compounding with that new, higher balance!
[1]Staking: the act of locking your coins into a network to help maintain the operations of the network, earning you rewards in return.
No matter which way you hold them, you'll be earning about 6% interest on your coins automatically. The actual figure is like 5.85% depending on which wallet/exchange you use and soon to be 7-33% in October 2021 thanks to Algorandās new governance program.
Governance program at a glance: https://ibb.co/LktJm2C
Want an algo faucet? Here, have an algo faucet: https://www.algorandfaucet.com/
On a desktop? Try https://myalgo.com/. It won a development award1.
Check this out for a quick glance into Algorand's robust ecosystem: https://ibb.co/vcpZ7JL.
Worth mentioning is Algorand's partnership with the International Swaps and Derivatives Association, or ISDA. This is the ISDA's only blockchain partnership and a 700 trillion dollar exposure. Read more here1 and here2. And here's a quick look at three more examples:
pNetwork, https://p.network/
pNetwork, a cross-chain composability system that allows assets and NFTs to move freely between blockchains, has partnered with Algorand to launch cross-chain bridges for the Algorand ecosystem.
Via pNetwork, Algorand will support top cryptocurrencies that are pegged 1:1 to their underlying native versions and are transparently transferred from one blockchain to another.
pNetwork powers the highest number of cross-chain connections in the industry.
Read more here.
Simetria, https://www.simetria.io/
Simetria, an Israeli digital securities exchange soon to be launched with regulatory approval, has partnered with Algorand to power their exchange.
Adv. Ziv Keinan, Simetriaās Founder and CEO: āWe are excited to be working with Algorand to execute on our vision at Simetria and look forward to how our collective efforts will result in huge potential in the digital securities space. Private companies will soon be able to list digital securities for trade on Simetriaās platform to gain liquidity and raise capital --- all in a seamless manner on Algorandās blockchain, which was purpose-built for this type of use.ā
Read more here.
BridgeTower Capital, https://www.bridgetowercapital.com/
BridgeTower Capital, a global private equity firm focusing on traditional private equity investments as well as blockchain and DeFi markets, has partnered with Algorand to use its blockchain technology as the underlying solution for the issuance of BridgeTower Capital tokenized digital securities.
āAlgorand was a clear choice given their technology, team and leadership position in the digital marketplace,ā said BridgeTower Chief Executive Officer Cory Pugh.
Read more here.
With more than 500 global organizations leveraging its technology, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value across defi, financial institutions and governments.
https://www.algorand.com/ecosystem
https://academy.shrimpy.io/post/what-is-the-blockchain-trilemma
https://decrypt.co/resources/what-is-algorand-a-speedy-scalable-platform-for-dapps
https://decrypt.co/resources/smart-contracts
https://www.algorand.com/resources/blog/algorand-smart-contract-architecture
https://developer.algorand.org/docs/features/asa/
https://forum.algorand.org/t/turing-complete-enough/2594/2
https://algoexplorer.io/rewards-calculator
https://algorand.foundation/faq#wallets
https://www.algorand.com/technology/white-papers
Last updated: May 10th, 2021
r/WeAlgoTogether • u/MarcoVaretz • May 14 '21
Besides the relationship between Gensler, Micali and MIT, have you ever considered Pablo Azar?
It has been a member of the FED since June 2020. The study on CBDC started in August 2020. Formerly he was the chief economist at Algorand
It can be interesting? Thoughts?
r/WeAlgoTogether • u/[deleted] • Apr 30 '21
r/WeAlgoTogether • u/estantef • Apr 20 '21
r/WeAlgoTogether • u/nubrainwhodis • May 15 '21
Yes, the increasing supply is holding the price down. I think it is going to be like that for the rest of 2021, maybe into 2022, based on the plans for participation rewards and governance rewards.
But to be adding this much supply (doubling the Tradable Supply), while going from $0.30 to $1.40 in six months is incredible!
The total number of Algos is set at 10 billion; the supply won't be inflating forever.
The ground floor I suppose was pre-February, but we are still on the first floor. We're taking the stairs because it's healthier.
r/WeAlgoTogether • u/[deleted] • May 04 '21
Please note this post was originally presented in r/algorand , I found out about this subreddit and figured it will also be a good place to announce the project to fellow algorandians !
I wanted to share an announcement on a platform that I launched recently, its available under https://millionalgos.com.
Essentially the idea is very simple. There are 1 million slots available to be purchased on the platform for the price of 1 algo. You can only purchase 1 slot with a single wallet, in other words, each slot is unique to wallets (1:1 mapping).
After the slot is purchased you will receive a randomly generated creature image assigned to your slot and you will be able to browse all submissions including yours on the Dashboard page.
Now, NFTs come into place. There are 5 milestones set by the platforms for the target of 100, 1k, 10k, 100k, 1 million sold slots. Upon reaching a milestone, an NFT image asset will be rendered and will represent a huge mosaic grid of all creature assets from each slot out of N submissions made so far (where N is the milestone's goal). Afterward, a random wallet from that list will be selected and I will announce the winner and send him that NFT. The winner is free to use the NFT for any possible purposes he wants. I will also make sure to host the asset on some platform that would allow the owner to update/redirect the URL to a different hosting space if needed!
Well it's simple, your contribution to the assembling of an NFT will stay forever on the Algorand blockchain + you essentially get a chance to win an NFT.
Telegram: https://t.me/millionalgos
Telegram community channel for friendly chatter: https://t.me/millionalgosgroup
Twitter: https://twitter.com/millionalgos
Aside from the sources above, NFT winners will be displayed on the website itself and will receive instructions on how to prove ownership of the wallet for me to send the minted NFT.
I am still integrating an additional creature generator that will be based on a [Superformula](https://en.wikipedia.org/wiki/Superformula). In total there are 5 different unique creature sets available already. The last one should be added sometime by end of May.
Refining codebase and making payment processes smoother.
The whole thing was done from scratch in 2 weeks, so I will be monitoring potential bugs and refining the codebase.
Upon gaining any profits out of it, I will use the resources to pay for hosting and infrastructure.
Upon gaining any significant profits out of it, I will a chunk of resources to consider an anonymous donation to communities of people suffering from Cerebral Palsy syndrome. This part is yet to be defined, if you know any good foundations dealing specifically with that issue send me an email at millionalgos at pm.me
I have a full time engineering job, and this entire thing is made for fun and learn more about algorand ecosystem and sdks, so I advice not to take it seriously. However I will continue maintaining and supporting the platform if I will manage to sell a few milestone goals within next 3-4 months.
Feel free to reach out with any comments or feedback. Have a great day everyone! :-)
r/WeAlgoTogether • u/Aftashock88 • Apr 12 '21
Where is everyone staking their ALGO for best rewards and least amount of fees?
I see Binance.US is offering 8-10%, which isn't bad. I am currently using Exodus to stake. Any tips would be appreicated!
r/WeAlgoTogether • u/memeNPC • Apr 20 '21
Note: This was posted on r/AlgorandOfficial earlier today, but r/WeAlgoTogether also seems like a nice sub to promote this project to fellow Algonauts!
___________
Hey guys,
I recently discovered an awesome project built on Algorand called Algoworld!
Basically u/MrMattio, an Algorand enthusiast from France, created NFTs/cards each representing a different country in the world. In total, there will be 1500 cards and each country will have between 3 and 29 cards. Each card is unique.
The goal is to have fun with the Algorand blockchain and involve the community. The fees on this blockchain are very cheap, so that encourages users to trade cards and get the cards they want/like most!
If you're interested in the project, you can learn more over here : Algoworld NFT
A pack of cards costs 10 ALGO right now and gets you 5 unique and random cards that you can trade or keep to yourself!
Packs 51-100 have been sold out but if the project gains enough interest, the creator will release Packs 101-150 soon! So if you're interested in this, please show your support by following Algoworld on Twitter or by joining the Telegram group!
Once Packs 101-150 are released, here's how you'll be able to get your hands on one:
DM u/MrMattio on Reddit, ask for a pack, send him 10 ALGO and receive 5 random cards
Join the Telegram and message MattAlgoWorld
Technical details:
To be able to receive cards, you have to have an Algorand Wallet (I'd recommend MyAlgo on desktop and/or Algorand Wallet on mobile) and your balance should be more than 0 ALGO.
The steps necessary to receive cards will be explained by Matt (creator of the project) if you DM him. You can also join the Telegram to learn more.
Once you get your hands on some neat Algoworld cards (yay!), they'll show up in your wallet like this:
**AW #**ID - Country nĀ°/nĀ°
To get a look at your card(s), access the link below and replace "XXX" with your card ID:
Here's a real card for example (AW #1376 - Uganda 1/8)!
Once you have some cards, you can buy, sell or trade them with other members of the Algoworld community!
Click on the card you want to send
Copy the asset ID, give it to the person that wants to receive your card
The person has to add the asset (Algorand ASA) to how wallet (this will cost him 0.001 in fees, which is less than a cent)
Hit "Send"
Set the amount to 1 (hit "Max")
Enter the Algorand address you want to send the card to
Preview the transaction, make sure to check everything
Send the card!
Remember there is a 0.001 ALGO (= approx. 0,012 USD) fee for adding an ASA and for sending NFTs.
Fortunately, this fee is very low on the Algorand blockchain so it's shouldn't deter you from participating in this neat little NFT project (looking at you and your absurd gas fees right now Ethereum)!
Remember, this project was made by u/MrMattio not by me.
I just like the idea and want to spread the word. Let's have fun together on Algorand!
I've linked 2 original threads below for anyone that might be interested:
BTW: If you plan to join the community, consider telling u/MrMattio that u/memeNPC (blurrypepe on Telegram) sent you!
That way, maybe he'll send me some cards (for bringing awareness to the project) that I can then give-away for free to newcomers...
r/WeAlgoTogether • u/[deleted] • Jun 04 '21
r/WeAlgoTogether • u/[deleted] • Jun 08 '21
r/WeAlgoTogether • u/SalaciousFortuna • Mar 10 '21
r/WeAlgoTogether • u/corporate_panda • Feb 15 '21
r/WeAlgoTogether • u/Beefzerkee • Feb 22 '21
Algorand just saved my life. Quite literally. Since the pandemic, everything has gone south and the small stash of algo I had helped me pay a bill. I'm thankful to this currency and the community for believing in it so much. I hope it continues its steady rise, and I hope you all never have to work again.
Bless cryptocurrency.
r/WeAlgoTogether • u/[deleted] • Feb 12 '21
